US-based cryptocurrency exchange Coinbase is expanding its European operation following the obtainment of an e-money license in Ireland.
According to the update published to Coinbase’s official blog Oct. 11, the exchange has been granted an e-money license for operation in the country. Coinbase is now one of just a few companies to hold such a distinction, which the exchange says will enable it to “expand our Irish operation and ultimately deliver a better product to customers across some of our fastest-growing markets.”
Coinbase first announced its foray into the Irish crypto marketplace at the end of last year, with the creation of an office in Dublin. The US-based exchange calls Ireland a “burgeoning” cryptoeconomy and says that Europe represents a “huge opportunity” for Coinbase’s continued growth.
According to the blog post,
The approval from the Central Bank of Ireland will now enable us to expand our Irish operation and deliver a better product to customers across some of our fastest-growing markets. It will also allow us to secure passporting for our customers across the EU and EEA.
Martin Shanahan, CEO of IDA Ireland--an agency responsible for attracting foreign investment into the country--congratulated Coinbase on obtaining the license and called the development an important milestone for Ireland’s pro-enterprise policy environment.
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